SACO buys Dublin nightclub for Locke aparthotel redevelopment

George Sell By George Sell
11 January 2017 | Updated 16 February 2017

Ireland: SACO has bought the former Zanzibar nightclub on Dublin’s Ormond Quay Lower.

According to reports in Ireland, the property was purchased in late December for more than €10 million, well above the €5 million asking price. The building was previously part of the Capital Bars group and was one of the most high profile nightclubs in the country. Agents CBRE received more than 20 offers for the property.

Planning permission already exists on the site for an 89 room hotel, however SACO reportedly intends to seek permission for a new development that will feature more than 100 aparthotel units. It is expected that between 80 and 120 jobs will be created by the scheme.

SACO opened its first Locke aparthotel on Leman Street in London's Whitechapel in October 2016, and will open a second in Edinburgh early this year.

Eric Jafari, managing director of SACO Property Group, said: "We were looking for an envelope large enough to accommodate 100-plus rooms in a market that is a mix of both leisure and corporate. It is within walking distance of Temple Bar and within walking distance of Silicon Docks. We like the potential of this specific area, and see it making a mark in lifting the area. We want to create loads of co-working space so people can come and hang out there, grab a coffee, grab a drink and spends a few hours working on their laptops. We're looking to be a local hub for the local community. We'll probably partner with a local food and beverage provider that understands the locality so we can create the type of area where people will come and spend five or six hours."

The news comes just weeks after Ascott bought the nearby Temple Bar Hotel in Dublin, which it will convert in to serviced apartments.

sacoapartments.com
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